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Joined: Oct 2007
Posts: 7,441
Campfire Tracker
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Campfire Tracker
Joined: Oct 2007
Posts: 7,441 |
What is the current cliff notes on bankruptcy?
What do you walk away from and what do you retain as far a debt?
~Molɔ̀ːn Labé Skýla~
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Joined: Jul 2009
Posts: 8,923
Campfire Outfitter
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Campfire Outfitter
Joined: Jul 2009
Posts: 8,923 |
I bought an 01 Dodge 4x4 Quad Cab diesel in 03 after filing Chapter 7, the best I could do was 17.5%; I drove it until 05 when diesel spiked to 3.50+ and I was driving 500 miles per week for work.
Traded it for a new 05 Nissan Frontier and got 16.5% financing for 72 months, moved in 07 and was able to refinance at 10.8% and paid that bitch off this past August, I think the 23.5K dollar Nissan cost me about 38K in the long run.
I am 100% debt free, charge a few things every year for xmas and pay it off with my income tax refund, Chapter 7 was off my record this past July.
No way in hell would I buy a new vehicle until the bankruptcy was complete; however, it is your money.
Am I just dumb or what? I cannot understand why anyone would pay 17% or 10% or 16% interest on anything let alone a vehicle. Another thing; Why would anyone want to get a tax refund? That's just plain stupid. Why lend money to the Government at no interest so you can pay maybe 18% on your credit cards until you get your refund? Tell me how that makes a lick of sense? Arrange your tax affairs so you owe the Government on 15 April. Hire an EA or CPA to make sure you pay the minimum legal taxes at the last possible minute. I was driving 500+ miles per week, two kids under the age of 7, no savings whatsoever, needed a reliable vehicle but bought what I wanted, not what I needed. Paid dearly for my bad decisions but doing quite well now and passing along that information. I am not worried about overpaying my taxes, I damn sure don't want to get [bleep]'d at tax time again. I didn't pay any interest on the credit cards, no interest on a few sets of tires that were needed, a gun safe, pretty easy to manage after one had made stupid decisions in the past. How in the [bleep] did you surmise, that I was racking up high interest credit card debt?
Dave
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Joined: Nov 2009
Posts: 10,364
Campfire Outfitter
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Campfire Outfitter
Joined: Nov 2009
Posts: 10,364 |
Well you did say you charged stuff then paid it off with your tax refund. Did not you pay high interest in the interim?
When you get a refund you are most certainly getting [bleep] big time by the Government. (A lot of people don't understand this simple fact.) When you pay all that you owe at the last possible minute you are legally f'ing the Government. Why make an interest free loan to the Central Government? Doesn't make any sense at all.
www.paracay.comIt's better to live rich than die rich. Live simply so that I may simply live large.
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Joined: Sep 2007
Posts: 13,268
Campfire Outfitter
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Campfire Outfitter
Joined: Sep 2007
Posts: 13,268 |
Too bad you can't charge the government interest...they penalize you if you don't pay in enough quarterly and instead pay it all in at once.
Otto is my co-pilot.
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Joined: Jul 2009
Posts: 8,923
Campfire Outfitter
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Campfire Outfitter
Joined: Jul 2009
Posts: 8,923 |
Well you did say you charged stuff then paid it off with your tax refund. Did not you pay high interest in the interim?
When you get a refund you are most certainly getting [bleep] big time by the Government. (A lot of people don't understand this simple fact.) When you pay all that you owe at the last possible minute you are legally f'ing the Government. Why make an interest free loan to the Central Government? Doesn't make any sense at all.
I used no interest financing knowing I would be able to pay it off at tax time. But you are absolutely correct, the government is using my money to make money when i could be doing the same. I became gun shy after owing thousands one year when deductions were far short of my tax debt. Again, the OP asked about financing a vehicle during or after filing bankruptcy, and I pointed out my own bad decisions and the resulting penalty for doing so, I believe it would be a bad idea.
Last edited by RDW; 10/27/11.
Dave
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Joined: Nov 2009
Posts: 10,364
Campfire Outfitter
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Campfire Outfitter
Joined: Nov 2009
Posts: 10,364 |
Too bad you can't charge the government interest...they penalize you if you don't pay in enough quarterly and instead pay it all in at once. Like I said pay only what you owe and pay that at the last possible minute to avoid penalty.
www.paracay.comIt's better to live rich than die rich. Live simply so that I may simply live large.
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Joined: Nov 2009
Posts: 10,364
Campfire Outfitter
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Campfire Outfitter
Joined: Nov 2009
Posts: 10,364 |
Well you did say you charged stuff then paid it off with your tax refund. Did not you pay high interest in the interim?
When you get a refund you are most certainly getting [bleep] big time by the Government. (A lot of people don't understand this simple fact.) When you pay all that you owe at the last possible minute you are legally f'ing the Government. Why make an interest free loan to the Central Government? Doesn't make any sense at all.
I used no interest financing knowing I would be able to pay it off at tax time. But you are absolutely correct, the government is using my money to make money when i could be doing the same. I became gun shy after owing thousands one year when deductions were far short of my tax debt. Again, the OP asked about financing a vehicle during or after filing bankruptcy, and I pointed out my own bad decisions and the resulting penalty for doing so, I believe it would be a bad idea. Sorry, I misunderstood. I thought you were paying credit card interest until you got your refund. We are pretty much in agreement. It always amazes me how some people think they are screwing the Government if they get a refund check when it is actually the other way around.
www.paracay.comIt's better to live rich than die rich. Live simply so that I may simply live large.
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